The credit crunch of 2007-08 turned malignant in the final months of 2008 to become a worldwide financial crisis. The collapse of Lehman Brothers on 15 September 2008 proved the tipping point, driving a massive loss of confidence in financial services globally. The next six months became a flurry of mergers and rescue packages throughout the world. Australia escaped relatively unscathed compared to the deep structural changes occurring within the United States, United Kingdom and Europe. More